Applicability of caro
This query is : Resolved
04 October 2013
If a Limited Company (unlisted) has not yet started its operations & is still at its pre-operative stage, then is CARO applicable to it?
I didn't find a clause that would exempt such a company from its purview (except the 3 clauses for a Pvt. Ltd. Co.)
Please help.
I didn't find a clause that would exempt such a company from its purview (except the 3 clauses for a Pvt. Ltd. Co.)
Please help.
04 October 2013
if its incorporated then yes it will be applicable subject to conditions mentioned for applicability of CARO is fullfiled.
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04 October 2013
Can you elaborate a little about the conditions please?
04 October 2013
it is not applicable for pvt limited co, o/s loan from bk and financial institution is less then 25 lacs, pd +reserves is less then 50 lacs and turnover is less the 5 crore.
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04 October 2013
Hi
The CARO is applicable on all public limited company and it has not exempted.
Only Insurance company, Banking company, section 25 Company and private company which are covered under exemption criteria as modified by CARO (Amendment), 2004.
The CARO is applicable on all public limited company and it has not exempted.
Only Insurance company, Banking company, section 25 Company and private company which are covered under exemption criteria as modified by CARO (Amendment), 2004.
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